Reuters: Bankruptcy News: Money market pioneer Bruce Bent cleared of SEC fraud charges

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Money market pioneer Bruce Bent cleared of SEC fraud charges Nov 12th 2012, 20:10 NEW YORK | Mon Nov 12, 2012 3:10pm EST NEW YORK Nov 12 (Reuters) - Money market pioneer Bruce Bent and his son on Monday were cleared of civil fraud charges that they misled investors in the early days of the 2008 financial crisis, a family spokesman said. The Manhattan federal jury's verdict is a blow to U.S. securities regulators in one of the few civil cases accusing individuals on Wall Street of wrongdoing during the crisis. Bent's son, Bruce Bent II, was found liable on one negligence claim, according to the family spokesman, Mark Arena. Both men were cleared of violating civil securities laws, the spokesman said. The U.S. Securities and Exchange Commission had accused Bruce Bent and Bruce Bent II of lying to investors and fund trustees in attempts to stop a run on their Reserve Fund in September 2008, as financial markets were roiled in the wake of the bankruptcy of Lehman Brothers. At the trial, a lawyer for the Bents argued that the men were acting in good faith and said the funds had fallen victim to the economic maelstrom of September 2008. The SEC was closed for Veterans Day and a spokesman could not be immediately reached for comment.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions